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Life — Information & Free Practice

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Life

Provider
Pearson VUE
Format
Multiple choice; one examination with general and Iowa-specific parts
Exam questions
77 scored questions (50 general, 27 Iowa-specific) plus 10 pretest questions (5 in each part)
Time limit
2 hours
Exam fee
$44
Examination outline
  • I. TYPES OF POLICIES
    • A. Traditional whole life products
    • A.1. Ordinary whole life
    • A.2. Limited-pay and single-premium life
    • B. Interest/market-sensitive/adjustable life products
    • B.1. Universal life
    • B.2. Variable whole life
    • B.3. Variable universal life
    • B.4. Interest-sensitive whole life
    • B.5. Indexed life
    • C. Term life
    • C.1. Types
    • C.1.a. Level
    • C.1.b. Decreasing
    • C.1.c. Return of premium
    • C.1.d. Annually renewable
    • C.2. Special features
    • C.2.a. Renewable
    • C.2.b. Convertible
    • D. Annuities
    • D.1. Single and flexible premium
    • D.2. Immediate and deferred
    • D.3. Fixed and variable
    • D.4. Indexed
    • D.5. Accumulation and Annuity Periods
    • D.6. Payout options
    • E. Combination plans and variations
    • E.1. Joint life (first to die)
    • E.2. Survivorship life (second to die)
  • II. POLICY RIDERS, PROVISIONS, OPTIONS, AND EXCLUSIONS
    • A. Policy riders
    • A.1. Waiver of premium and waiver of monthly deduction
    • A.2. Guaranteed insurability
    • A.3. Payor benefit
    • A.4. Accidental death and/or accidental death and dismemberment
    • A.5. Term riders
    • A.6. Other insureds
    • A.7. Long term care
    • A.8. Return of premium
    • A.9. Disability
    • A.10. Cost of Living
    • B. Policy provisions and options
    • B.1. Entire contract
    • B.2. Insuring clause
    • B.3. Free look
    • B.4. Consideration
    • B.5. Owner’s rights
    • B.6. Beneficiary designations
    • B.6.a. Primary and contingent
    • B.6.b. Revocable and irrevocable
    • B.6.c. Common disaster
    • B.6.d. Minor beneficiaries
    • B.6.e. Designation by class
    • B.7. Premium Payment
    • B.7.a. Modes
    • B.7.b. Grace period
    • B.7.c. Automatic premium loan
    • B.7.d. Level or flexible
    • B.8. Reinstatement
    • B.9. Policy loans, withdrawals, partial surrenders
    • B.10. Non-forfeiture options
    • B.11. Dividends and dividend options (e.g., participating, non-participating)
    • B.12. Incontestability
    • B.13. Assignments
    • B.14. Suicide
    • B.15. Misstatement of age and gender
    • B.16. Settlement options
    • B.17. Accelerated death benefits
    • C. Policy exclusions
    • C.1. War
    • C.2. Aviation
    • C.3. Dangerous Occupation
  • III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY
    • A. Completing the application
    • A.1. Required signatures
    • A.2. Changes in the application
    • A.3. Consequences of incomplete applications
    • A.4. Warranties and representations
    • A.5. Collecting the initial premium and issuing the receipt
    • A.6. Replacement
    • A.7. Disclosures at point of sale (e.g., HIPAA, HIV consent)
    • A.8. USA PATRIOT Act/anti-money laundering
    • A.9. Gramm-Leach-Bliley Act (GLBA) Privacy
    • B. Underwriting
    • B.1. Insurable interest
    • B.2. Medical information and consumer reports
    • B.3. Fair Credit Reporting Act
    • B.4. Risk classification
    • B.5. Stranger/Investor-owned life insurance (STOLI/IOLI)
    • C. Delivering the policy
    • C.1. When coverage begins
    • C.2. Explaining the policy and its provisions, riders, exclusions, and ratings to the client
    • D. Contract law
    • D.1. Elements of a contract
    • D.1.a. Consideration
    • D.1.b. Offer and Acceptance
    • D.1.c. Competent parties
    • D.1.d. Legal purpose
    • D.2. Unique aspects of the insurance contract
    • D.2.a. Conditional
    • D.2.b. Unilateral
    • D.2.c. Adhesion
    • D.2.d. Aleatory
  • IV. RETIREMENT AND OTHER INSURANCE CONCEPTS
    • A. Third-party ownership
    • B. Life Settlements
    • C. Group life insurance
    • C.1. Conversion privilege
    • C.2. Contributory vs. noncontributory
    • D. Retirement plans
    • D.1. Qualified plans
    • D.2. Nonqualified plans
    • E. Life insurance needs analysis/suitability
    • E.1. Personal insurance needs
    • E.2. Business insurance needs
    • E.2.a. Key person
    • E.2.b. Buy sell
    • F. Social Security benefits
    • G. Tax treatment of insurance premiums, proceeds, and dividends
    • G.1. Individual life
    • G.2. Group life
    • G.3. Modified Endowment Contracts (MECs)
  • I. IOWA LAWS, RULES, AND REGULATIONS COMMON TO ALL LINES
    • A. Insurance Commissioner/Division
    • A.1. Broad powers and duties
    • A.2. Examination of records
    • A.3. Hearings
    • A.4. Penalties
    • A.5. Cease and desist
    • B. Licensing
    • B.1. Applications
    • B.2. Change of address
    • B.3. Licensing examinations
    • B.4. Resident/nonresident
    • B.5. Temporary license
    • B.6. Exemptions
    • B.7. Denial, renewal, termination of licenses
    • B.8. Commissions and referral fees
    • B.9. Company appointments
    • B.10. Continuing education
    • C. Unfair and Deceptive Practices
    • C.1. Unfair discrimination
    • C.2. Misrepresentation
    • C.3. Rebating
    • C.4. False information and advertising
    • C.5. Claims settlement
    • C.6. Defamation
    • C.7. Boycott, coercion and intimidation
    • D. Iowa Insurance Fraud Act
    • E. Producer Responsibilities
    • E.1. Prohibited Acts
    • F. Guaranty Association
    • G. Definitions
    • G.1. Domestic, foreign, alien
    • G.2. Fraternal benefit society
    • G.3. Certificate of Authority
    • I. Insurance Notices and Documents - Electronic Delivery
  • II. IOWA LAWS, RULES, AND REGULATIONS PERTINENT TO LIFE INSURANCE ONLY
    • A. Policy replacement
    • B. Disclosure and solicitation requirements
    • C. Group Life Insurance
    • C.1. Eligibility
    • C.2. Required provisions
    • C.3. Assignability
    • C.4. Conversion
    • C.5. Interest on proceeds
    • D. Individual life and annuities
    • D.1. Policy Loans
    • D.2. Viatical and life settlements
    • D.3. Credit Life
    • D.4. Incontestability period
    • E. Suitability
    • E.1. Life Insurance
    • E.2. Annuities
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